These days it's easy to feel a little pessimistic about Factom. But, I believe they are quietly laying the ground work for a protocol that will be used around the world. I can feel the eye's rolling now, but I just want to bring up two quick points.
Governments around the world are embracing blockchain, and the U.S. government is no exception. The mood has changed from that weird bitcoin thing, to alright let's figure out how and where we can use this technology to improve efficiency. Last week the House Committee of Science, Space and Technology had a hearing to discuss blockchain and its applications. Factom was indirectly mentioned several times,
"in addition to the supply chain, the ones we have been working on as the data and sharing of imagery on the border with CBP and being able to ensure the integrity and authenticity of that data, I think that has tremendous value."
For those that don't know, Factom was the second company awarded by the Department of Homeland Security under their Silicon Valley Innovation Program. The project has been progressing and Factom is close to starting the 4th and final phase. ( I wrote a detailed post regarding this work here: https://www.reddit.com/r/factom/comments/7w1dml/so_whats_factom_doing_with_the_us_department_of/)
Factom has quietly been working with the U.S. government for 2 years and CEO Paul Snow has also talked to Congress before regarding blockchain. Factom has a footprint in the U.S. government, they are quietly making noise, as demonstrated by the recent hearing, and are in ideal position to be one of the first companies in the world to deliver real solutions to governments.
Now let's briefly discuss the FPT partnership, sort of came out of nowhere, delivery could have been better, almost felt random. But it would be a mistake to glaze over this one. Brian Dreery "Large banks oftentimes don't write their own software. They contract it out to medium sized business with double digit thousands of employees who implement things for these large institutions. It is the trust and experience of these existing business networks which is also a key to success, as they will be the ones implementing the interface between Factom and the existing economic systems."
In other words outsourcing, how many times have you called customer service and spoken to someone in a different country? It saves business's money and its efficient.
From the FPT website "Since its establishment FPT Software has always been trusted by the banking and financial industry to provide IT outsourcing services and assist various companies in optimizing internal and customer-facing systems and bringing about critical improvements. Over the years, our team of 700+ engineers has had the opportunities to contribute to the business achievements of over 40 clients in the industry, including some Fortune 500 institutions."
Check this section out and notice the mentions of blockchain, fintech, and title insurance.
"BLOCKCHAIN PROOF OF CONCEPT
Acknowledging the potential of this emerging technology, we developed PoC on Blockchain platform for potential application area such as Insurance, Securities base on top existing open platforms Hyperledger and Ethereum"
"BANKING FINANCIAL SERVICE
We assist financial enterprises to develop full-cycle eClosing and mortgage integration platform to provide the abilities for end-users to create/configure/process order information and documents related to Real Estate Loan Settlement Process for top mortgage solution providers in US."
These are the EXACT guys you want to be on board with Factom. According to the press release
"In the scope of the partnership, FPT and Factom will work together to provide a Blockchain Technology Platform through Factom Harmony which creates an immutable audit record of activities, data, events and decisions. FPT will also cooperate with Factom to train FPT staff in Factom technology to create a quick path to integrate the benefits of Blockchain technology into existing client systems."
Factom strategically sought out a multi billion dollar company whom it's target clientele most likely use. This company will now train staff to become familiar with Factom technology. Think about what that means and it's implications. 🙂
submitted by /u/Chance_Taker
Source: Factom Discussions
Underestimating the Significance the FPT Partnership and other Events